Africa spends $90bn yearly servicing debt, pays $75bn risk premium — Kenya govt

African countries spend about $90 billion every year servicing debt and pay another $75 billion in additional interest because of the high risk premium attached to borrowing, Kenya’s Principal Secretary for Foreign Affairs, Korir Sing’oei, has said.

Mr Sing’oei stated that the cost was forcing African governments to make difficult choices between servicing debt and spending on health, education and climate resilience, even as the continent requires about $1.

Diana Gichengo, Executive Director of the Institute for Social Accountability; Leo Atakpu, Deputy Executive Director of the Africa Network for Environment and Economic Justice; Bertha Phiri, Executive Director of the Malawi Economic Justice Network; Isaac Mwaipopo, Executive Director of the Centre for Trade Policy and Development; Janet Zhou, Executive Director of AFRODAD; and Dr Marième Gnagna Thiam, Senior Programme Coordinator, Tax Equity, International Budget Partnership, made the call during a panel on building a Pan-African civil society movement to sustain the Common African Position on Debt.